NATGAS jumps to fresh 8-month high

Natural gas prices snapped a 3-month long sideways month at the beginning of October. At first, the move was driven by continuing employee strikes with some actions that were earlier put on hold being resumed. However, another important factor for gas prices arose this weekend - significant escalation between Israel and Palestinians. Israel is a major natural gas producer and it was already reported that Israeli has ordered Chevron to shut down output at its Tamar gas platform amid increased risks. Chevron said that it is still supplying natural gas from its Leviathan field in Israel.

Taking a look at NATGAS chart at H4 interval, we can see that price continues to climb, moving above $3.40 mark today, the highest level in almost 9-months!

Source: xStation5

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